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Determinants of shareholder activism of the national pension fund of Korea

Title
Determinants of shareholder activism of the national pension fund of Korea
Author
길재욱
Keywords
National Pension Fund of Korea; Shareholder activism; Stock market reaction; Voting right
Issue Date
2018-12
Publisher
WILEY
Citation
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, v. 47, No. 6, Page. 805-823
Abstract
This paper identifies the determinants of shareholder activism of the National Pension Fund of Korea (NPF), and investigates its stock market reaction. In the case of article amendments, the NPF exercises its voting right actively when the firm has concentrated ownership, and does not belong to chaebols. The NPF is active when the firm has diffused ownership, and is not a chaebol affiliate if the agenda up for vote is auditor appointments. The event studies show that a long position in the NPF "Yes" vote stocks and a short position in the "No" vote stocks produce positive abnormal returns.
URI
https://onlinelibrary.wiley.com/doi/full/10.1111/ajfs.12238https://repository.hanyang.ac.kr/handle/20.500.11754/105796
ISSN
2041-9945; 2041-6156
DOI
10.1111/ajfs.12238
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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